HomeMy WebLinkAboutORD 12.11.1972 - RetirementAN ORDINANCE
TO PROVIDE FOR INCREASED MUNICIPAL CONTRIBUTIONS TO THE CUR-
RENT SERVICE ANNUITY RESERVE AT RETIREMENT OF THE "EMPLOYEES
OF THE CITY OF GEORGETOWN, TEXAS; PROVIDING FOR, AND GRANTING
"�A TECEDENT SERVICE CREDIT'. AND 'SPECIAL PRIOR SERVICE CREDITt
AT THE RATES SPECIFIED, TO QUALIFYING EMPLOYEES OF THE CITYOF
GEORGETOWN, TEXAS
BE IT ORDAINED BY THE CITY COUNCIL OF -THE CITY OF
GEORGETOWN, TEXAS
SECTION 1. That effective January 1, 1973, fdr each month of
current service thereafter rendered by.each of its employees who are mem-
bers of the Texas Municipal Retirement'System, the City will contribute to
the current service annuity reserve of ;each such member at the time of his
retirement', a sum that is 200% of such member's accumulated deposits for
such month of employment; and said sum shall be contributed from the
City's account in the Municipality Current Accumulation Fund.
SECTION 2 Each person who is an employee of the City of
Georgetown on the 31st day of December, 1972 and who is at that date a mem—
ber of the Texas Municipal Retirement System shall be allowed, and, upon
the terms and conditions prescribed by Section XVI of Article 6243h, Vernory s
Texas Civil Statutes, as amended by Chapter 371, Acts Regular Session, 61st
Legislature,, is hereby granted, effective on the date last above mentioned,
"Antecedent Service Credit" (as that term is defined in said Act) calculated
on the basis of one hundred percent (10016) of each current. service :deposit
actually made by such person with the Texas Municipal Retirement System
during each month of current service performed for this city prior to the
lst day of January, 1973.
SECTION 3. Each person who is an employee of the City of.
Georgetown on the 31st day of December, 1972 and who at said date is a
.member of the Texas Municipal Retirement System and who holds in said
System an effective Prior. Service Certificate granted by reason of service
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performed for this City prior to its participation in said System, shall be.
allowed and is hereby granted (upon the 'terms and conditions prescribed by
Section XV of. Article 6243h, Vernon's Texas Civil Statutes as amended by
Chapter '371, Acts of the Regular Session, 61st Legislature) a "Special Prior
Service Credit" in an amount of equivalent to the accumulation at interest,
as provided in said. Act, of a series of monthly payment's of five percent (5%)
of the member' `s "Average Prior Service Compensation" for the number of
months of prior service certified to in such member's prior service certifi-
Cate. The Special Prior Service Credit herein provided for shall be in addition
to the prior service credit heretofore, allowed such member.
SECTION 4. Any person who was employed by the City of Georgetown
prior to 'December 31, 1972, whose membership in Texas Municipal Retirement
.System by reason of service has not terminated, and who on said date is absent
from service in the employment of the City, shall be entitled to antecedent.
service credit and to special; prior service credit in the amount (if any) he
would have been allowed under Sections 1 and 2 hereof had he been in active
service on said date, provided such person again becomes an employee of
the City before termination of his said membership in Texas Municipal Retire-
ment System and within five (5) years from the 31st day of December, 1972,
and provided such person thereupon continues as an employee of a partici-
pating, department of the City of Georgetown for a period of five (5) consecutive
years,
SECTION' 5. New benefits are to become effective January 1, 1973.
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SECTION 6. If for any reason any section, paragraph, subdivision,
clause, phrase, word, .or provision of this ordinance shall be held invalid or
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unconstitutional by final judgment of a court of competent jurisdiction it shall
not affect any other section, paragraph, subdivision, clause, phrase, word,
or provision of this ordinance, for it is the definite intent of this City Council
that every section, paragraph, subdivision, clause, phrase, word, or pro-
vision hereof 'be given full force and effect for its purpose.
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SECTION 7. The necessity to provide for increased municipal coh:
tributions at the earliest possible date creates a public emergency and
imperative public necessity requiring the suspension of the charter rule that
no ordinance or, resolution shall be; passed finally on, the date of its introduction
but that such ordinance or resolution shall be read at three several meetings
of the City Council:, and the Mayor having declared such emergency and neces-
city to exist, and having_ requested the suspension of the charter rule and that
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-this ordinance be passed finally on the date of its introdubtion and take effect,
and be in full force and effect from and :after4page, it is accordingly
so ordained, this the/ day of 1972,.
ATTEST:
CITY SE TARY OR
,f THE CITY OF OWN